Marvell Technology (NASDAQ:MRVL) Trading Up 1.7% – Should You Buy?

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) traded up 1.7% during mid-day trading on Thursday . The stock traded as high as $71.11 and last traded at $70.97. 2,227,620 shares changed hands during trading, a decline of 82% from the average session volume of 12,603,498 shares. The stock had previously closed at $69.81.

Analyst Ratings Changes

Several analysts have issued reports on MRVL shares. Bank of America cut their price objective on Marvell Technology from $150.00 to $120.00 and set a “buy” rating on the stock in a report on Thursday, March 6th. KeyCorp dropped their price objective on shares of Marvell Technology from $135.00 to $115.00 and set an “overweight” rating on the stock in a research note on Thursday, March 6th. Rosenblatt Securities reiterated a “buy” rating and set a $140.00 price target on shares of Marvell Technology in a report on Thursday, March 6th. JPMorgan Chase & Co. boosted their target price on shares of Marvell Technology from $90.00 to $130.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. Finally, TD Cowen reduced their price objective on shares of Marvell Technology from $125.00 to $95.00 and set a “buy” rating for the company in a research note on Thursday, March 6th. Three investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, Marvell Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $120.44.

Marvell Technology Trading Up 0.5 %

The firm’s 50 day moving average is $100.89 and its 200 day moving average is $93.72. The company has a market capitalization of $60.75 billion, a PE ratio of -41.10, a P/E/G ratio of 1.61 and a beta of 1.42. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11.

Insider Activity

In related news, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $124.40, for a total transaction of $746,400.00. Following the completion of the transaction, the executive vice president now directly owns 93,931 shares of the company’s stock, valued at $11,685,016.40. This trade represents a 6.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $68.83, for a total transaction of $103,245.00. Following the sale, the chief financial officer now owns 113,592 shares of the company’s stock, valued at approximately $7,818,537.36. This represents a 1.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 37,685 shares of company stock worth $4,026,768 in the last quarter. 0.33% of the stock is owned by company insiders.

Institutional Trading of Marvell Technology

Hedge funds have recently bought and sold shares of the company. Norges Bank purchased a new stake in Marvell Technology in the 4th quarter worth $1,138,354,000. GQG Partners LLC bought a new position in Marvell Technology in the 4th quarter worth approximately $802,410,000. Nuveen Asset Management LLC grew its holdings in Marvell Technology by 232.2% during the 4th quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company’s stock valued at $1,033,859,000 after buying an additional 6,543,132 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Marvell Technology by 43.1% during the fourth quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company’s stock valued at $1,374,252,000 after buying an additional 3,747,982 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in Marvell Technology by 30.1% in the 4th quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company’s stock valued at $1,784,649,000 after acquiring an additional 3,737,705 shares during the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Marvell Technology Company Profile

Marvell Technology, Inc, together with its subsidiaries, provides data infrastructure semiconductor solutions, spanning the data center core to network edge. The company develops and scales complex System-on-a-Chip architectures, integrating analog, mixed-signal, and digital signal processing functionality.